79th Group investment

Skaty

Looking to see if anyone has had any success, or positive progress, in recovering their investment, following the collapse of the 79th Group?

wmb194

Skaty said:

Looking to see if anyone has had any success, or positive progress, in recovering their investment, following the collapse of the 79th Group?

What was it? A Ponzi?

Albermarle

Not having heard of 79th group I had a look online.

It seems it was a classic fraudulent mini bonds scheme. It is under police investigation, and until that is complete it is very unlikely investors will even get any info about if they are likely to get any money back.

I think you will need to be patient and just hope some % can be recovered or compensated, but I would not bank on it.

dunstonh

Since it was fraudulent and unregulated, you should assume that you will receive nothing back.  There is no FSCS protection.

You are basically now a creditor to the company that is in administration, but the company had almost no assets, and the administrators have confirmed that, as things stand, there are no funds to distribute.

There may be some legal action against third parties, but in most cases, you would not expect success, and even where it is, the money would likely go to creditors higher up the food chain.  These legal cases could drag on for very many years or into a decade.

So, in summary, you should be working on the basis that you will get nothing back, I'm afraid.

Eyeful

Skaty said:

Looking to see if anyone has had any success, or positive progress, in recovering their investment, following the collapse of the 79th Group?

To save others, tell us:
1. How did you find out about this group?
2. What attracted you to their ads?
2. What investigation into this company did you do, before giving them your money?